Posted on behalf of Jeffrey N. Greenblatt of Joseph, Greenwald & Laake, PA
Married couples in Maryland do not always consider a marriage ending when they enter the union, but the dissolution of a marriage is often a reality and future possibility these days. Even if everything is going well with the marriage, keeping finances and property in order could help them ready themselves if the relationship turns sour.
A recent editorial discussed the importance of paying close attention to family finances if divorce seems imminent or even a possibility in the future. The more that is known about the couple’s financial state, the better. This is especially true when it comes to proving the existence of assets in divorce court.
It was reported that women are still more likely spouse to receive alimony after a divorce. Of course every marriage is different, and the breadwinner of the family’s gender is largely irrelevant for purposes of determining marital property and alimony issues. So in terms of spouses who are the primary earners and those who are not, the spouse who makes the money could have some tactical advantages if they believe a divorce is likely. This means that the other spouse needs to be cautious and look for certain tell-tale signs.
Owning a business could also pose some issues and challenges if the couple splits of divorces. Personal and business finances could be intertwined to such a degree that separation of the two is a difficult task. In these instances, people should have professional assistance for the impending complex property division. In some cases, withholding the finances, property, assets and liabilities could create large hurdles for the divorcing couple
Whether the divorce involves simple property division or something more complicated, divorcing couples need to fully understand their situation so they know what steps they need to take. Property division involves much more than sentimental objects from a marriage that dissolved because it may determine each spouse’s financial well being for many years to come after the divorce.
Source: Forbes “If Your Husband Owns A Business, Watch Out For SIDS (Sudden Income Deficit Syndrome) Once Divorce Proceedings Start,” Jeff Landers, Oct. 10, 2013